Impax Laboratories CEO To Leave Company, Effective Immediately

Impax Laboratories Inc. said Chief Executive G. Frederick Wilkinson was leaving the company, effective immediately, and will also step down from the board of directors. The specialty pharmaceutical company named board member J. Kevin Buchi as interim CEO until a permanent CEO can be found. ""Fred has been instrumental in Impax's ability to remove the warning letter regarding the Company's Hayward facility, which has allowed us to regain generic approvals from that facility," said Chairman Robert Burr. The stock, which was still inactive in premarket trade, has plunged 69% year to date, while the S&P 500 has gained 11%.